US-based remittance firm Western Union has reported a net income of $135m for the third quarter of 2019.
This is a 35% drop compared to $208.6m registered in third quarter of 2018.
Operating income of the company also plummeted 35% from $302.6m to $197.4m on a year-on-year basis.
Western Union Q3 highlights:
Overall, the company generated revenue of $1.3bn in the third three-month period of this year. In the year ago quarter, the figure stood at $1.39bn.
Stronger dollars against Argentine peso had a 2% negative impact on the revenue in the quarter. However, the impact of inflation on the Western Union’s Argentina-based businesses had supported the revenues.
The company’s Consumer-to-Consumer (C2C) arm revenues increased 1% on a reported basis and transactions were up 2%.
The improvement was driven by cross-border remittances originated in the US and Latin America.
On the other hand, Western Union Business Solutions revenue was stable on a reported basis.
Other revenues comprising retail bill payments businesses in the US and Argentina plunged 48%.
The decline was attributed to the sale of the Speedpay and Paymap businesses in May, and effects of Argentine peso depreciation.
Western Union president and CEO Hikmet Ersek said: “Third quarter results were solid, as we produced strong adjusted margins and improved consumer money transfer revenue growth, while completing major actions to advance our new strategy and the restructuring programme.
“We are focused on executing our long-term strategy, opening our unique cross-border platform for incremental growth opportunities and optimising our existing businesses, while also generating significant efficiencies and margin expansion.”